Umbrella insurance - again

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Theseus
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Umbrella insurance - again

Post by Theseus » Wed Aug 22, 2018 11:02 am

I know this has been asked before. But wanted to see if this quote makes sense from All State.

$1 million for $338
$2 million for $592

Does this sound reasonable quote? I am inclined to take $2 million.

DaftInvestor
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Re: Umbrella insurance - again

Post by DaftInvestor » Wed Aug 22, 2018 11:07 am

The numbers look reasonable to me. I pay about $450 for $1 million but I get dinged on extra cars, dogs, young drivers, and a pool.

Interestingly enough a few years ago I went through the process of getting my home-owners+Umbrella requoted. The home-owners varied greatly (+/- 40% from high to low) but the Umbrella across nearly all quotes stayed the same (and the ones that were lower may have missed one of the items that drove the cost up). I got some direct quotes I got and comparisons from 3 different agents. When I asked one of the agents why this was he explained that nearly all insurance companies use reinsurance agents for their Umbrella and there are only 2 of them they all go to.

BuckyBadger
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Re: Umbrella insurance - again

Post by BuckyBadger » Wed Aug 22, 2018 11:07 am

We have $2mil at Amica for $532, so that doesn't seem too far off. Could depend on underlying overages and bundled policies and whatnot.

Sconie
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Re: Umbrella insurance - again

Post by Sconie » Wed Aug 22, 2018 11:15 am

$1MM from Geico for $208.
I know you think you understand what you thought I said but I'm not sure you realize that what you heard is not what I meant. - Alan Greenspan

Chip
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Re: Umbrella insurance - again

Post by Chip » Wed Aug 22, 2018 3:01 pm

I'm not sure that much you get here will be useful, as your personal liability exposure matters a great deal, as well as the liability "climate" in your state and locality. I suggest getting multiple quotes to get a better read on things. Or, if you're willing, post more information about your exposures and where you live. Maybe someone from your area will respond.

But for another data point I have 4M of coverage for about the cost of the 1M quote that you have. But we have very low liability exposure and it seems that coverage is generally pretty cheap in my area (just my personal observation, no specific data).

Oilcans
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Re: Umbrella insurance - again

Post by Oilcans » Wed Aug 22, 2018 3:46 pm

For what it's worth: I pay $571.15 per year for $5 mil. Allstate also.

Topic Author
Theseus
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Re: Umbrella insurance - again

Post by Theseus » Wed Aug 22, 2018 5:25 pm

Chip wrote:
Wed Aug 22, 2018 3:01 pm
I'm not sure that much you get here will be useful, as your personal liability exposure matters a great deal, as well as the liability "climate" in your state and locality. I suggest getting multiple quotes to get a better read on things. Or, if you're willing, post more information about your exposures and where you live. Maybe someone from your area will respond.

But for another data point I have 4M of coverage for about the cost of the 1M quote that you have. But we have very low liability exposure and it seems that coverage is generally pretty cheap in my area (just my personal observation, no specific data).
This makes sense. I was wondering how they set the rates and why they vary from people to people. Obviously they gotta do risk analysis. Should have known. :oops:

MedSaver
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Re: Umbrella insurance - again

Post by MedSaver » Wed Aug 22, 2018 7:24 pm

$440 for $3MM. We are very low risk though.

lightfighter214
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Re: Umbrella insurance - again

Post by lightfighter214 » Wed Aug 22, 2018 8:21 pm

Wife and I got 2 million through AAA for 220.

JeepDaze
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Re: Umbrella insurance - again

Post by JeepDaze » Wed Aug 22, 2018 8:24 pm

Theseus wrote:
Wed Aug 22, 2018 11:02 am
I know this has been asked before. But wanted to see if this quote makes sense from All State.

$1 million for $338
$2 million for $592

Does this sound reasonable quote? I am inclined to take $2 million.
$5M from Geico for $580/year. But I'm single with no kids.

Rhadamanthus
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Re: Umbrella insurance - again

Post by Rhadamanthus » Wed Aug 22, 2018 8:52 pm

Theseus wrote:
Wed Aug 22, 2018 11:02 am
I know this has been asked before. But wanted to see if this quote makes sense from All State.

$1 million for $338
$2 million for $592

Does this sound reasonable quote? I am inclined to take $2 million.
I'm paying about $180 for $1 million at Allstate, so more than double seems strange depending on how our risk factors may differ.

krafty81
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Re: Umbrella insurance - again

Post by krafty81 » Wed Aug 22, 2018 11:59 pm

$208 per year for 1M from USAA

MikeG62
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Re: Umbrella insurance - again

Post by MikeG62 » Thu Aug 23, 2018 7:02 am

Oilcans wrote:
Wed Aug 22, 2018 3:46 pm
For what it's worth: I pay $571.15 per year for $5 mil. Allstate also.
JeepDaze wrote:
Wed Aug 22, 2018 8:24 pm

$5M from Geico for $580/year. But I'm single with no kids.
Wow, I pay $1,250 for $5 million through CNA. :shock:

Maybe time to call Geico and get a quote?

Edit, just checked and Geico requires auto or motorcycle insurance to get their umbrella. Oh well.
Real Knowledge Comes Only From Experience

JW-Retired
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Re: Umbrella insurance - again

Post by JW-Retired » Thu Aug 23, 2018 7:14 am

JeepDaze wrote:
Wed Aug 22, 2018 8:24 pm

$5M from Geico for $580/year. But I'm single with no kids.
$5M from Travelers for $560/year. Married and retired. Kids are long gone.

A lot of very highly paid people are out on the freeways around here, so I think I'm getting a bargain.
JW
Retired at Last

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queso
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Re: Umbrella insurance - again

Post by queso » Thu Aug 23, 2018 7:19 am

MikeG62 wrote:
Thu Aug 23, 2018 7:02 am
Oilcans wrote:
Wed Aug 22, 2018 3:46 pm
For what it's worth: I pay $571.15 per year for $5 mil. Allstate also.
JeepDaze wrote:
Wed Aug 22, 2018 8:24 pm

$5M from Geico for $580/year. But I'm single with no kids.
Wow, I pay $1,250 for $5 million through CNA. :shock:

Maybe time to call Geico and get a quote?

Edit, just checked and Geico requires auto or motorcycle insurance to get their umbrella. Oh well.
I have $4MM with AllState for $526. I do have other policies with them so it may be the same deal as Geico, but you could look into it as another option.

10.06am
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Re: Umbrella insurance - again

Post by 10.06am » Thu Aug 23, 2018 9:15 am

What state? Rural or Urban area?

miles monroe
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Re: Umbrella insurance - again

Post by miles monroe » Thu Aug 23, 2018 9:21 am

i pay about $200 for 1 million.

if you have kids that are of driving age -- i don't -- your premiuns will be higher.

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willthrill81
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Re: Umbrella insurance - again

Post by willthrill81 » Thu Aug 23, 2018 9:28 am

Theseus wrote:
Wed Aug 22, 2018 11:02 am
I know this has been asked before. But wanted to see if this quote makes sense from All State.

$1 million for $338
$2 million for $592

Does this sound reasonable quote? I am inclined to take $2 million.
$338 is exactly what we pay for $1 million of coverage.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

bltn
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Re: Umbrella insurance - again

Post by bltn » Thu Aug 23, 2018 9:49 am

I just checked. We pay $707 for $4 million with State Farm. I ll have talk to my agent about the coverages. Couldn't t find that information at my online account. Hopefully that includes the vacation house .

montanagirl
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Re: Umbrella insurance - again

Post by montanagirl » Thu Aug 23, 2018 9:51 am

Sounds close to what I was quoted at State Farm.

Can you get umbrella insurance from an insurer other than the one insuring your houses and cars? I assumed it all went together.

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willthrill81
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Re: Umbrella insurance - again

Post by willthrill81 » Thu Aug 23, 2018 9:59 am

montanagirl wrote:
Thu Aug 23, 2018 9:51 am
Can you get umbrella insurance from an insurer other than the one insuring your houses and cars? I assumed it all went together.
I've heard that it's possible but a royal pain. Generally, you can't get umbrella unless you already have certain relatively high amounts of coverage on both your home and/or vehicle(s).
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

student
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Re: Umbrella insurance - again

Post by student » Thu Aug 23, 2018 10:02 am

2 millions, under $250 from AAA.

CedarWaxWing
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Re: Umbrella insurance - again

Post by CedarWaxWing » Thu Aug 23, 2018 12:52 pm

JW-Retired wrote:
Thu Aug 23, 2018 7:14 am
JeepDaze wrote:
Wed Aug 22, 2018 8:24 pm

$5M from Geico for $580/year. But I'm single with no kids.
$5M from Travelers for $560/year. Married and retired. Kids are long gone.

A lot of very highly paid people are out on the freeways around here, so I think I'm getting a bargain.
JW
Numbers like this are more meaningful if it is known if you own a home, or any other real estate including rentals, how many cars are covered, etc.
Any real estate, cars, motorcycles, boats... all change the cost of umbrella policies.

JW-Retired
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Re: Umbrella insurance - again

Post by JW-Retired » Thu Aug 23, 2018 2:16 pm

CedarWaxWing wrote:
Thu Aug 23, 2018 12:52 pm
JW-Retired wrote:
Thu Aug 23, 2018 7:14 am
JeepDaze wrote:
Wed Aug 22, 2018 8:24 pm

$5M from Geico for $580/year. But I'm single with no kids.
$5M from Travelers for $560/year. Married and retired. Kids are long gone.

A lot of very highly paid people are out on the freeways around here, so I think I'm getting a bargain.
JW
Numbers like this are more meaningful if it is known if you own a home, or any other real estate including rentals, how many cars are covered, etc.
Any real estate, cars, motorcycles, boats... all change the cost of umbrella policies.
OK, in my case 2 cars & 2 houses only for owner use. No motorcycles/boats/motor homes/planes or anything else like that.
JW
Retired at Last

bac573
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Re: Umbrella insurance - again

Post by bac573 » Thu Aug 23, 2018 2:22 pm

We pay $207.42 for $1M with Allstate.

Dallas, TX area.
One thing to know about this town; not a person doesn't want me underground.

Call_Me_Op
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Re: Umbrella insurance - again

Post by Call_Me_Op » Thu Aug 23, 2018 4:47 pm

I would caution folks who are comparing what they pay that it not only depends upon whether you have dogs, teen drivers, pools, etc - but is also very dependent upon where you live.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein

tumbleweedsusan
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Re: Umbrella insurance - again

Post by tumbleweedsusan » Thu Aug 23, 2018 11:16 pm

There are so many factors that affect your premium costs, including factors you may not have thought of such as your occupation and even volunteer activities.

Your quote seems reasonable.
We pay $871 for $1 mill - Progressive, and we save on our auto by bundling. We got so many quotes directly and through agents. It is very expensive, but the cheapest we could find for now with our current (temporary) circumstances.
We were with Geico, and were paying $518 for $2.3 mill.

More importantly is that you get covered. We live in a litigious society - do not delay.
I was sued for $10 million once. He lost. But don't take a chance. Umbrella insurance is non-negotiable to me. I would no sooner walk out of the house with no clothes on than to walk out of the house with no umbrella insurance.

vtjon
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Re: Umbrella insurance - again

Post by vtjon » Fri Aug 24, 2018 9:50 am

I pay $155 for $1M in VA.

Nowizard
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Re: Umbrella insurance - again

Post by Nowizard » Fri Aug 24, 2018 10:27 am

$1M with State Farm for $154. We also have home and two automobiles with the company.

Tim

suemarkp
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Re: Umbrella insurance - again

Post by suemarkp » Sun Aug 26, 2018 6:29 pm

Also run the numbers by changing the coverages on your other policies (auto, home). I changed from State Farm to Farmers because I got more coverage for the same $. After I fired State Farm, I found out I could have been paying less money overall if I had higher than the required umbrella minimum coverages on the cars. Yes, the car cost went up, but the umbrella came down more. That was part of why I fired them -- they weren't reworking my numbers to see if I could get equal or better coverage by rejiggering coverage thresholds.
Mark | Kent, WA

rantk81
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Re: Umbrella insurance - again

Post by rantk81 » Sun Aug 26, 2018 6:36 pm

I signed up for am 2M policy that my Allstate agent provided via 3rd party due to the fact that I did not own a car and did not have auto coverage. It was about $450 for that coverage.

When I got the packet from the 3rd party, the HUUUUUUUUUGE list of exclusions made me decide to not take the policy. I couldn’t think of a realistic situation where that insurance would cover me, after reading the 6 or so pages of exclusions and disclaimers.

For now, I just have the maximum Allstate will offer on my homeowners policy, 1M.

harmoniousmonk
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Re: Umbrella insurance - again

Post by harmoniousmonk » Sun Aug 26, 2018 6:39 pm

5 million for 373$ from Travelers

Single renter in SC

marcopolo
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Re: Umbrella insurance - again

Post by marcopolo » Sun Aug 26, 2018 6:43 pm

We are paying A LOT more that the numbers most people are throwing out here.

Most likely it s due to having two teenage sons that are driving.

I am also wondering what people mean when they say they have a $3M policy.
Ours limits are $3M for each occurrence/ $6M for policy period (1 year)

I think of that as $3M policy, would some consider that a $6M policy?

We just paid a little over $1700 for that.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Blueskies123
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Re: Umbrella insurance - again

Post by Blueskies123 » Sun Aug 26, 2018 7:13 pm

Where you live, rural vs expensive big city, and teenage kids will affect the premium. If I recall state farm offers multiline discounts so if you have your house and car insurance with them you will get an additional discount.
If you find yourself in a hole, stop digging

ad2007
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Re: Umbrella insurance - again

Post by ad2007 » Sun Aug 26, 2018 7:26 pm

tumbleweedsusan wrote:
Thu Aug 23, 2018 11:16 pm

I was sued for $10 million once.
Wow...

What happened? Sorry if it's too personal.

I carry $5M, never been sued.

tumbleweedsusan
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Re: Umbrella insurance - again

Post by tumbleweedsusan » Mon Mar 04, 2019 10:34 am

ad2007, I was completely stopped at a stop sign and someone on a motorcycle hit ME. He sued me for $10 million. The case came to court 3 years later - so I lost sleep for 3 whole years. He lost- he got nothing. I had amazing lawyers and mountains of evidence.

But you never know. Until we get tort reform in this country, we always carry umbrella insurance.

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willthrill81
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Re: Umbrella insurance - again

Post by willthrill81 » Mon Mar 04, 2019 10:42 am

I don't think I've directly heard from anyone who actually had their umbrella insurance kick in to pay a claim. I suppose that's why it's so cheap; the number of claims must be very, very low.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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FelixTheCat
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Re: Umbrella insurance - again

Post by FelixTheCat » Mon Mar 04, 2019 12:52 pm

I have a StateFarm policy for 3 million that costs me 591 annually.
Felix is a wonderful, wonderful cat.

Kennedy
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Re: Umbrella insurance - again

Post by Kennedy » Mon Mar 04, 2019 10:25 pm

The price people here state they are paying means nothing unless they also state where they live, how many drivers are covered and the presence of teen drivers, rentals, boats, swimming pools, etc. Otherwise, it's meaningless information.

bltn
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Re: Umbrella insurance - again

Post by bltn » Tue Mar 05, 2019 2:38 am

I just looked at my policies recently. Our umbrella for 4 million to cover two houses, one pool and three cars costs about 770 annually with State Farm.

bayview
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Re: Umbrella insurance - again

Post by bayview » Tue Mar 05, 2019 3:03 am

USAA, $2 million, $203 annually.

Two houses (soon to become one - we just moved into our former rental home), two cars, two drivers, both retired. No teen drivers (whew.) No pool, aircraft, boat, etc. No particular extra exposure in terms of volunteer activities. Small city in western NC. Note: the second house isn't rented. We're getting it ready to sell.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

diy60
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Re: Umbrella insurance - again

Post by diy60 » Tue Mar 05, 2019 8:18 am

FelixTheCat wrote:
Mon Mar 04, 2019 12:52 pm
I have a StateFarm policy for 3 million that costs me 591 annually.
I just rec'd quotes for auto, home, and umbrella from various companies. StateFarm does not offer underinsured/unisured motorist liability on their umbrella policy, if that is any importance to you.

SimonJester
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Re: Umbrella insurance - again

Post by SimonJester » Tue Mar 05, 2019 10:26 am

willthrill81 wrote:
Mon Mar 04, 2019 10:42 am
I don't think I've directly heard from anyone who actually had their umbrella insurance kick in to pay a claim. I suppose that's why it's so cheap; the number of claims must be very, very low.
Someone posted here not too long ago they did have a claim and it paid out to the max, so it does happen. One of the biggest benefits I see for the umbrella is the insurance company providing a legal team to defend the lawsuit.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

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willthrill81
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Re: Umbrella insurance - again

Post by willthrill81 » Tue Mar 05, 2019 10:33 am

SimonJester wrote:
Tue Mar 05, 2019 10:26 am
willthrill81 wrote:
Mon Mar 04, 2019 10:42 am
I don't think I've directly heard from anyone who actually had their umbrella insurance kick in to pay a claim. I suppose that's why it's so cheap; the number of claims must be very, very low.
Someone posted here not too long ago they did have a claim and it paid out to the max, so it does happen. One of the biggest benefits I see for the umbrella is the insurance company providing a legal team to defend the lawsuit.
Amen to that.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

Winston19
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Re: Umbrella insurance - again

Post by Winston19 » Tue Mar 05, 2019 10:46 am

One thing to check on an umbrella is whether it covers claims by members of your household (in my state many don't).

For example, if you get in a severe car accident that is your fault and you severely injure your child you want your child to be able to make a claim against the policy.

diy60
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Re: Umbrella insurance - again

Post by diy60 » Tue Mar 05, 2019 11:56 am

dlabel wrote:
Tue Mar 05, 2019 10:46 am
One thing to check on an umbrella is whether it covers claims by members of your household (in my state many don't).
Same in my state as well. Lots of people don't fully understand umbrella insurance, and this includes me.

Rwsawbones
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Re: Umbrella insurance - again

Post by Rwsawbones » Tue Mar 05, 2019 9:15 pm

Have 2 homes 3 cars 1 small motor boat. Just DW and me Live in a suburb of Boston 2nd house is in Maine where the 3rd car is garaged and rarely driven. 5 million dollar umbrella with USAA has yearly premium if $2300. Does this strike the posters as a reasonable cost?

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ClevrChico
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Re: Umbrella insurance - again

Post by ClevrChico » Tue Mar 05, 2019 11:05 pm

Sounds in the ballpark. I pay $198/year for $1MM with an Amica dividend policy. (Also have auto+home there with high liability limits.) Low risk, no teen drivers.

vrex
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Re: Umbrella insurance - again

Post by vrex » Tue Mar 05, 2019 11:59 pm

$138 this year for 1 million from Amica

MarkerFM
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Re: Umbrella insurance - again

Post by MarkerFM » Wed Mar 06, 2019 8:04 am

Rwsawbones wrote:
Tue Mar 05, 2019 9:15 pm
Have 2 homes 3 cars 1 small motor boat. Just DW and me Live in a suburb of Boston 2nd house is in Maine where the 3rd car is garaged and rarely driven. 5 million dollar umbrella with USAA has yearly premium if $2300. Does this strike the posters as a reasonable cost?
Sounds kind of high compared to what I pay. $10 million policy with PURE, two houses (one with pool), three cars. Two drivers only tho. $1,900. Was closer to $2,500 when we had two kids on the policy. Also may be lower because all insurance is with PURE.

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